Spirit Quarterly Newsletter

Amended Membership and Account Terms and Conditions

New section

LOST, DESTROYED, OR STOLEN CASHIER'S CHECKS, TELLER'S CHECKS OR CERTIFIED CHECKS

Generally, you cannot place a stop payment on a cashier's check, teller's check, or certified check that has been lost, destroyed, or stolen because the law treats these types of checks differently than ordinary checks. However, you may be able to assert a claim for the amount of the check. Article 3 of the UCC as adopted by the state in which we are located controls your and our rights and obligations with respect to these types of checks. Please contact us regarding the specific procedures for submitting a claim for a lost, destroyed, or stolen cashier's check, teller's check, or certified check.

Arbitration Provision and Class Action Waiver

To accommodate requirements by JAMS, the designated Arbitration Administrator, section c of this provision has been retitled from “30 Days to Resolve Claims Before Initiating Arbitration” to “Mediation Requirement Prior to Filing a Claim in Arbitration” and now reads:

Mediation Requirement Prior to Filing a Claim in Arbitration

Prior to either party filing a claim in arbitration—and as a necessary condition precedent to doing so—you or we shall first send a written demand to the other party setting forth their claim at our address, 838 Eglin Parkway NE, Fort Walton Beach, FL 32547, or at your last street address or email address on record. The demand should describe the nature of the problem, claim, or dispute and set forth the specific relief the claimant desires, including the amount of any monetary damages sought, if any. For a minimum of 60 days before any claim may be filed in arbitration, the parties must then attempt to use their best efforts to resolve the dispute. The 60-day time period may be extended by mutual written agreement of the parties. During this time period, both parties agree to toll any applicable statute of limitations. Under no circumstances may either party make a claim in arbitration against the other prior to the completion of the pre-arbitration time period.

Within the first 30 days of the pre-arbitration time period, the parties or their counsel must make a good faith effort to confer at least once—by phone, in person, or by videoconference—for mediation at a mutually convenient date and time to discuss the claim and its potential resolution.

If you or we fail to follow the procedures set forth above requiring mediation prior to bringing a claim in arbitration, then the responding party may bring a claim in the same arbitration proceeding against the other party for breach of this provision.

Overdrafts

This section has been amended to replace “Actual Balance” with “Current Balance” to align with terminology provided at ATMs and other Credit Union electronic services.

This notice only includes significant changes to the Membership and Account Terms and Conditions contained in the Understanding Your Share Account booklet. For a copy of the booklet, please visit a branch, email us at [email protected] or call 850.862.0111, Option 4.